Core Viewpoint - The solid-state battery sector has seen significant gains, particularly with companies like Guoxuan High-Tech, indicating a potential turning point in the battery industry driven by technological advancements in solid-state batteries [1][3]. Group 1: Market Performance - The solid-state battery sector experienced a surge, with Guoxuan High-Tech moving from a decline in the morning to a limit-up in the afternoon, showcasing its leadership in the market [1]. - The Battery ETF (SH561910), which has approximately 40% exposure to solid-state batteries, recorded its largest single-day gain of 4.01% this year [1]. Group 2: Technological Advancements - The breakthrough in solid-state battery technology is seen as a key factor in resolving the overcapacity issues that have plagued lithium battery production for over three years [3]. - Companies like Funeng Technology and CATL have made significant progress, with Funeng's second-generation semi-solid-state battery gaining traction among major clients and CATL leading in all-solid-state technology with plans for small-scale production by 2027 [3]. Group 3: Industry Events and Catalysts - Upcoming industry conferences, such as the Lithium Sulfide and Sulfide Solid-State Battery Technology Conference and the Solid-State Battery and Silicon-Based Anode Innovation Conference, are expected to act as catalysts for the sector's growth [3]. - Major battery manufacturers are accelerating their solid-state battery production lines, which is likely to lead to a surge in GWh-level equipment orders, positively impacting company performance and stock prices [3]. Group 4: Equipment Demand and Market Opportunities - The new technological breakthroughs in solid-state batteries are anticipated to trigger a new wave of large-scale bidding in the lithium equipment sector, reshaping equipment demand [4]. - Companies that have strategically positioned themselves in the solid-state battery space, such as CATL and Guoxuan High-Tech, are expected to benefit significantly from upcoming large-scale orders [4]. Group 5: Valuation and Investment Potential - Despite recent gains, the battery sector remains undervalued, with the Battery ETF (SH561910) currently having a PE-TTM of 24.37, which is below historical averages, indicating a strong margin of safety for investors [5]. - The opening of the solid-state battery market presents immense growth potential, suggesting that the sector could experience a prolonged upward trend similar to previous technology-driven market movements [7].

Core Viewpoint - Company Fudi Technology has made significant advancements in solid-state battery technology, with plans for mass production of its second-generation semi-solid batteries by 2025 and third-generation batteries by 2026 [1] Group 1: Battery Technology Development - The company is currently developing all-solid-state batteries with an energy density of 400-500 Wh/kg, with a plan to deliver small batches of 60Ah sulfide all-solid-state batteries to strategic partners by the end of 2025 [1] - The second-generation semi-solid battery has an energy density exceeding 330 Wh/kg and a cycle life of over 4000 cycles, having secured multiple leading low-altitude economy clients [1] - The third-generation semi-solid battery is expected to achieve an energy density of 400 Wh/kg and is projected for mass production in 2026 [1] Group 2: Market Applications - The company aims to commercialize its battery technology in high-tech fields such as low-altitude economy and humanoid robotics, which require high performance and have significant technical barriers [1]

超长账期是整个汽车产业链的问题，并不单单只是整车。 汽车行业"内卷"态势下，超长账期拖垮中小供应商成为了市场关注重点，而问题矛头直指整车企业。整 车企业的账期问题也成为了监管重点，6月中旬，17家头部车企纷纷出来表态，将支付账期统一至60天 内。 而事实上，超长账期是整个汽车产业链的问题，并不单单只是整车。 传统汽车供应链具备明显的层级结构，分为一级供应商（Tier1）、二级供应商（Tier2）和三级供应商 （Tier3），一级供应商是与整车厂商直接签订供货合同的供应商，而二级供应商是为一级供应商提供 零部件或组件的供应商，三级供应商则位于供应链的底端。 因为产业链中大量中小企业在谈判中处于弱势地位，话语权较大的头部供应商"压榨"供应链底端企业、 供应商之间超长账期从上到下层层传导的现象并不少见。 很长一段时间以来，整车被认为在整个汽车产业链中占据了较强话语权，这体现在应付账款和应收账款 周转天数上，便呈现出前者远大于后者的现象，账期差也表明整车占用供应商资金较多，将财务压力往 上游传导。 值得注意的是，动力电池厂商亿纬锂能（265天）、孚能科技（273天）、国轩高科（282天）、中创新 航（282天）、鹏辉 ...

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting (AGM) and has outlined the necessary procedures and agenda for the meeting, including the presentation of financial results and proposals for profit distribution [2][3][4]. Meeting Procedures - The AGM will ensure the verification of attendees' identities and maintain order during the meeting [2][3]. - Shareholders and their representatives have the right to speak, inquire, and vote during the meeting, with specific guidelines on how to request to speak [3][4]. - Voting will be conducted both on-site and online, with specific timeframes for each method [4][5]. Financial Performance - The company reported a significant decline in revenue for 2024, with total revenue of approximately 11.68 billion yuan, a decrease of 28.94% compared to 2023 [7][15]. - The net loss attributable to shareholders was approximately 332 million yuan, an improvement from a loss of about 1.87 billion yuan in the previous year [7][15]. - The company’s gross margin improved due to effective cost control measures and enhanced inventory management [15]. Financial Data Highlights - Key financial metrics for 2024 include: - Revenue: 11,680,468,636.74 yuan - Net profit attributable to shareholders: -332,059,388.86 yuan - Basic earnings per share: -0.27 yuan [7][15]. - The company’s total assets at the end of 2024 were approximately 26.63 billion yuan, down 11.67% from the previous year [9][15]. Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, ensuring effective operation of the board and shareholder meetings [12][13]. - The board of directors has been active, holding 10 meetings during the reporting period to discuss significant matters [13][14]. - The supervisory board conducted regular meetings to oversee the company's operations and ensure compliance with legal and regulatory requirements [17][18]. Future Outlook - The company plans to provide guarantees for its wholly-owned subsidiaries to facilitate their financing needs, with specific amounts allocated for each subsidiary [19].

Core Viewpoint - The article highlights significant developments in the lithium battery industry, including major supply agreements, production expansions, and market price trends for key materials [3][4][5][6]. Group 1: Major Supply Agreements - LG Energy Solution has signed a six-year supply agreement with Chery Automobile for 8 GWh of 46-series cylindrical batteries, marking the first such contract between a Korean battery manufacturer and a Chinese automaker [3]. - Farasis Energy has begun supplying its 4680 cylindrical batteries to BMW for its global electric vehicle platform, with plans for increased production capacity at its facilities [4]. Group 2: Production and Investment Developments - Ruipai New Energy is nearing the completion of a project to produce 50,000 tons of lithium iron phosphate cathode materials, with the first production line expected to start by the end of June [5]. - Foshan Fospower Technology Group is acquiring Hebei Jinli New Energy Technology, with a total transaction value of 5.08 billion yuan [6]. Group 3: Lithium Material Market Conditions - The domestic lithium carbonate market price is hovering around 60,000 yuan per ton, with expectations of slight downward adjustments due to increased production and inventory digestion by downstream manufacturers [8][9]. - The price of ternary materials remains stable but may face reductions in July if new orders do not materialize [9][10]. - Phosphate lithium prices are stable, with significant production increases expected from companies like Fulin Precision Engineering [10][11]. Group 4: Battery and Electric Vehicle Market Trends - In June, domestic battery manufacturers are maintaining good production levels, with expectations for a slight decline in overall operating rates if no new projects arise [16]. - The sales of passenger vehicles reached 450,000 units, with new energy vehicle sales at 245,000 units, reflecting a year-on-year increase of 37.88% [18]. - Recent policy discussions in Hunan regarding energy storage pricing indicate a potential decline in competitive pricing for new projects [19].

Core Viewpoint - The Shanghai New Energy Vehicle Industry Index has shown a mixed performance, with a recent increase of 2.03% over the past month, a decline of 7.35% over the last three months, and a year-to-date increase of 6.65% [1] Group 1: Index Performance - The Shanghai New Energy Vehicle Industry Index reported a value of 1416.99 points [1] - The index is based on companies related to the new energy vehicle industry listed on the Shanghai Stock Exchange, reflecting the overall performance of these securities [1] - The index was established on December 31, 2014, with a base value of 1000.0 points [1] Group 2: Index Holdings - The top ten weighted companies in the index are: Huayou Cobalt (15.78%), Hongfa Technology (11.1%), Putailai (7.66%), Junsheng Electronics (7.04%), Farah Electronics (5.83%), Tiannai Technology (5.4%), Rongbai Technology (4.33%), Funeng Technology (4.14%), Xiamen Tungsten New Energy (3.8%), and Weimaisi (2.82%) [1] - The index holdings are entirely composed of companies listed on the Shanghai Stock Exchange, with an industry breakdown of 68.53% in industrials, 15.78% in materials, 9.86% in consumer discretionary, and 5.83% in information technology [2] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [2]

孚能科技（赣州）股份有限公司 2024 年年度股东大会 | 会议须知 | | | 3 | | --- | --- | --- | --- | | 会议议程 | | | 5 | | 议案一：关于公司 | 2024 | 年年度报告及摘要的议案 | 7 | | 议案二：关于公司 | 2024 | 年度利润分配方案的议案 | 8 | | 议案三：关于公司 | 2024 | 年度财务决算报告的议案 | 9 | | 议案四：关于公司 | 2024 | 年度董事会工作报告的议案 | 13 | | 议案五：关于公司 | 2024 | 年度监事会工作报告的议案 | 18 | | 议案六：关于公司 | 2025 | 年度为全资子公司提供担保预计额度的议案 | 21 | | 议案七：关于公司第三届董事会独立董事薪酬方案的议案 | | | 22 | 孚能科技（赣州）股份有限公司 2024 年年度股东大会会议资料 会议须知 为了维护孚能科技（赣州）股份有限公司（以下简称"公司"）全体股东的 合法权益，确保股东大会的正常秩序和议事效率，保证大会的顺利进行，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 ...

Core Viewpoint - The 2025 Fourth Solid-State Battery Conference and Silicon-Based Anode Industry Innovation Conference will be held from July 3 to 5 in Ningbo, focusing on the themes of solid-state batteries and silicon-based anodes, aiming to promote the comprehensive upgrade and transformation of the battery industry chain [1]. Group 1: Conference Overview - The conference will gather renowned experts and scholars, as well as leading companies in the new energy vehicle sector, to explore cutting-edge technologies and industry development trends in the field of new energy batteries [1]. - The event will feature a detailed agenda including registration, opening ceremonies, keynote speeches, and specialized sessions on solid-state batteries and silicon-based anodes [4]. Group 2: Technological Innovations - Solid-state batteries are viewed as a key technology for overcoming endurance bottlenecks in various advanced fields, despite facing challenges such as interfacial resistance and electrolyte stability [6]. - Artificial intelligence is playing a crucial role in the research and development of solid-state batteries, enhancing efficiency and reducing costs through automated design processes [7][8]. Group 3: Industry Applications - The conference will address the industrialization of solid-state batteries in automotive applications, discussing the technical challenges and mass production expectations [23]. - The application of silicon-based anodes in high-energy batteries for robotics and other sectors will also be a focal point, highlighting the demand for high-capacity cells [25].

Investment Rating - The report assigns a "Buy" rating to several companies in the battery industry, including CATL, EVE Energy, Guoxuan High-Tech, and others, with target prices indicating potential upside [1][17]. Core Insights - The battery industry continues to experience high growth in installed capacity, with a year-on-year increase of approximately 58% in power battery installation volume as of May 2025 [2]. - The report highlights that the export growth rate has slowed but is expected to recover soon, with May exports reaching 19 GWh, a year-on-year increase of 30% [2]. - CATL's market share in China's power battery installation volume increased by 3.4 percentage points to 42.9% in May 2025, indicating a strong competitive position [2][15]. Summary by Sections Industry Performance - In May 2025, China's total power and other battery production/sales reached 123.5 GWh/123.6 GWh, with year-on-year growth of 47.9%/58.1% [2]. - The concentration of power battery installation volume slightly increased, with the top three and five companies holding 72.9% and 82.1% market shares, respectively [2][17]. Company Developments - EVE Energy plans to issue H-shares to enhance its global strategy and improve its capital strength [2]. - CATL has made progress in developing lithium metal battery products, aiming to achieve energy density breakthroughs of over 500 Wh/kg [2]. Market Trends - The report notes that the full solid-state battery standards have been published, which will help accelerate the transformation of industry achievements [2]. - The report anticipates a recovery in exports in June 2025, driven by a partial tariff agreement between China and the U.S. [2].

Core Viewpoint - Solid-state batteries are a hot topic in the electric vehicle industry, but their commercialization faces significant challenges despite recent advancements by leading battery companies [2][6]. Group 1: Industry Trends - Leading battery companies are adopting a dual strategy of developing both solid-state and semi-solid-state batteries to accelerate technological breakthroughs and market positioning [3][6]. - CATL has launched a semi-solid-state battery with an energy density of 500Wh/kg and plans to achieve small-scale production of solid-state batteries by 2027 [3][4]. - BYD has been developing solid-state batteries since 2016, with plans to launch a 60Ah solid-state battery in 2024 and achieve mass production by 2030 [4][5]. - Guoxuan High-Tech has completed its first solid-state battery production line with a design capacity of 0.2GWh and a yield rate of 90% [4][5]. Group 2: Technical Challenges - The transition from laboratory samples to mass production of solid-state batteries is expected to take 8 to 10 years, with many current offerings being semi-solid or quasi-solid-state batteries [6][7]. - The industry lacks a clear and suitable production technology for solid-state batteries, with various technical routes each having distinct advantages and disadvantages [6][7]. - High production costs and low yield rates hinder the large-scale adoption of solid-state batteries, with significant modifications required for existing production lines [7][8]. Group 3: Market Outlook - Semi-solid-state batteries are projected to have a stronger commercial viability in the short term, with expectations that they will dominate the market in the next five years [8][9]. - The energy density of semi-solid-state batteries ranges from 350 to 450Wh/kg, supporting rapid charging and stable performance across a wide temperature range [8][9]. - Several automakers have already begun mass production of semi-solid-state batteries, indicating a growing acceptance and integration of this technology in the market [9][10]. Group 4: Strategic Implications - The dual approach of advancing semi-solid-state batteries while continuing to invest in solid-state technology is seen as a strategic advantage for companies in the industry [10][12]. - Solid-state batteries are viewed as a potential game-changer for the electric vehicle market, but their development is still in the early stages, requiring time for the industry to mature [11][12].